Lateral Flow Assay Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2029

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Lateral Flow Assay Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2029

Status : March, 2023 | Medical Devices

Report Digest

Global Lateral Flow Assay Market – Overview

The high prevalence of infectious diseases globally, rapidly aging population, growing demand for point-of-care testing, and home-based lateral flow assay devices are the major factors driving the growth of this market. In the optimistic scenario, it could be assumed that the COVID-19 pandemic has created a highly positive impact on the overall lateral flow assays market. The lateral flow assays market has been positively impacted by the COVID-19 pandemic, as the need for rapid diagnosis of the coronavirus infection has been the focus since the inception of the pandemic outbreak

Global Lateral Flow Assay Market – Notable Developments

Some of the key developments in the global lateral flow assay market are given below:

  • In September 2020, Abbott Laboratories (US) launched the PanBio COVID-19 immunochromatographic test for rapid qualitative detection of Sars-CoV-2 virus in Europe.
  • In September 2020, F.Hoffman La Roche Ltd. (Switzerland) launched the SARS CoV-2 Rapid Antigen Test in markets accepting the CE Mark.
  • In September 2020, Thermofisher Scientific, Inc. (US)opened a new Bioprocessing Collaboration Center (BCC) in Missouri, US, to bring together its expertise in GMP biologics manufacturing and bioprocessing technologies, including chromatography and analytical tools.

Global Lateral Flow Assay Market – Drivers and Restraints

There are multiple factors that are responsible for the overall development of the global lateral flow assay market. In recent years, in spite of considerable improvements in the field of medicine and sanitation, the worldwide prevalence of infectious disease is still a big problem for mankind. Even though non-communicable diseases are the leading reason of the mortality and morbidity, infectious diseases are still a huge public health concern across the world. As per the National Institute of Allergy and Infectious Diseases, each year, infectious diseases claim over 15 million lives across the globe. All such factors are thus helping to drive the overall development of the global lateral flow assay market in the coming years of the forecast period.

However, there are some factors that might impeded the development of the global market in the near future. One of the key restraining factors for the market growth has been the lower accuracy of these lateral flow assay tests. Even though these lateral flow assay test are easy and economical to perform, they have lower accuracy. These lead to several instances of false negatives. As such, there can be delay in determining the actual cause and effect of the problem. Thus, such things can impede the market development in the coming years of the forecast period.

Global Lateral Flow Assay Market – Geographical Outlook

Based on the regional segmentation, the global lateral flow assay market has been segmented into five key regions. These regions are Latin America, Middle East and Africa, Asia Pacific, Europe, and North America. Of these, currently the global lateral flow assay market is being dominated by the regional segment of North America. The growth of the regional market is projected to provide lucrative growth opportunities because of the presence of numerous large hospitals and healthcare systems, changing resolutions, and the increasing geriatric population in the US. A large majority of international players are also based out in the US, because of which the country has become the center for innovation in the lateral flow assay market. The on-going Covid-19 pandemic has further helped the development of the market as more money was poured in for the research and development activities. All such factors are thus contributing for the overall development of the North America lateral flow assay market.

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5-Point Growth Formula

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The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

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Accurate Trend Analysis

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Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?